"morality" exercise: The CFA Program

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Questions 1:

Jeffrey Jones passed the Level I CFA examination in 1997 and the Level II examination in 2009. He is not currently enrolled for the Level III examination. According to the CFA Institute Standards of Professional Conduct, which of the following is the most appropriate way for Jones to refer to his participation in the CFA Program?

A、 Jeffrey Jones, CFA (expected 2014)

B 、Candidate in the CFA Institute CFA Program

C 、Passed Level II of the CFA examination in 2009

Questions 2:

Nicholas Bennett, CFA, is a trader at a stock exchange. Another trader approached Bennett on the floor of the exchange and verbally harassed him about a poorly executed trade. In response, Bennett pushed the trader and knocked him to the ground. After investigating the incident, the exchange cleared Bennett from any wrongdoing. Which of the following best describes Bennett’s conduct in relation to the CFA Institute Code of Ethics or Standards of Professional Conduct? Bennett:

A、 did not violate any Code or Standard.

B 、violated the Professional Misconduct Standard.

C 、violated both Misconduct and Integrity of Capital Markets Standards.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct because no designation exists for someone who has passed Level I, Level II, or Level III of the CFA exam [Standard VII(B)]. Persons who have passed a certain level of the exam may state that they have completed that level. A person can only state he is a Candidate if he is currently enrolled in the CFA Program. It is also an improper reference to use “expected” a part of the designation.

A is incorrect as it is an improper reference to use “expected” as part of the designation.

B is incorrect as a person can only state he is a Candidate if he is currently enrolled in the CFA Program.

【Answer to question 2】B

【analysis】

B is correct because the CFA Institute Code of Ethics requires members to act with integrity, competence, diligence, respect, and in an ethical and professional manner; the Standards of Professional Conduct relating to Professional Misconduct state members and candidates must not commit any act reflecting adversely on their professional reputation, integrity, or competence. Bennett’s actions violated the Code of Ethics and the Standard relating to Professionalism but not the Standard relating to Integrity of Capital Markets.

A is incorrect because Bennett’s actions violated the Code of Ethics and the Standard relating to Professionalism.

C is incorrect because Bennett’s actions violated the Code of Ethics and the Standard relating to Professionalism but not the Standard relating to Integrity of Capital Markets.

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